SeaStar Medical(ICU) - 2024 Q4 - Annual Results

Financial Performance - Net revenue for the year ended December 31, 2024, was $0.1 million, compared to no net revenue for the year ended December 31, 2023, due to the initiation of QUELIMMUNE therapy sales[5] - Net revenue for the year ended December 31, 2024, was $135,000, compared to $0 in 2023, indicating a significant increase[26] - Net loss for the year ended December 31, 2024, was $24.8 million, an improvement from a net loss of $26.2 million in 2023, with net loss per share decreasing from $30.26 to $6.63[11] - The net loss for the year ended December 31, 2024, was $24.830 million, a slight improvement from a net loss of $26.232 million in 2023[26] - The company reported a loss from operations of $17.842 million for the year ended December 31, 2024, compared to a loss of $14.210 million in 2023[26] Expenses - Research and development expenses increased to approximately $9.1 million in 2024 from $6.0 million in 2023, driven by clinical trial expenses and increased personnel costs[6] - Research and development expenses rose to $9.105 million in 2024, up from $5.973 million in 2023, reflecting a 52.3% increase[26] - General and administrative expenses rose to $8.9 million in 2024 from $8.2 million in 2023, primarily due to increased headcount and legal expenses[7] Clinical Trials and Approvals - The NEUTRALIZE AKI pivotal trial has enrolled 94 patients to date, with a target of 200 patients, and includes prestigious clinical sites such as Stanford Medical Center and Cleveland Clinic[8] - QUELIMMUNE therapy was approved by the FDA for pediatric patients with acute kidney injury, impacting approximately 4,000 patients annually[4] - SeaStar Medical was awarded a $3.6 million grant from the National Institutes of Health for a clinical trial evaluating SCD therapy in patients with chronic heart failure[8] Capital and Assets - The company secured approximately $31 million in capital during fiscal 2024, improving its balance sheet and reducing debt[8] - Total assets increased to $4.658 billion as of December 31, 2024, compared to $3.513 billion in 2023, representing a growth of 32.5%[24] - Total liabilities decreased to $6.841 billion in 2024 from $17.383 billion in 2023, a reduction of 60.7%[24] Cash Flow and Share Issuance - Cash at the end of the period increased to $1.819 million from $176,000 in 2023, marking a substantial rise[27] - Cash flows from operating activities resulted in a net cash used of $16.007 million in 2024, compared to $10.285 million in 2023[28] - The company raised $17.441 million from the issuance of shares, net of offering costs, in 2024, compared to $4.742 million in 2023[28] - The weighted-average shares outstanding increased to 4,920,156 in 2024 from 1,532,418 in 2023, indicating a significant increase in share issuance[26] Customer and Recognition - The company has added five commercial customers for QUELIMMUNE therapy and is expanding its customer pipeline[4] - SeaStar Medical received the 2025 Corporate Innovator Award from the National Kidney Foundation for its contributions to pediatric AKI treatment[8]